Moniepoint, a Nigerian fintech startup that processed 5.2 billion transactions in 2023, has raised $110 million in a Series C funding round led by Development Partners International (DPI), according to two people with direct knowledge of the deal.
Other new investors include Google’s Africa Investment Fund and Verod Capital. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
The new financing round will almost triple the company’s valuation, which was around $400 million in a 2022 funding round in which it raised $50 million. Bloomberg reported at the time that the company was eyeing a valuation of $1 billion, but that was ultimately elusive, said two investors with knowledge of the matter.
“They got the primary round at a $1 billion valuation,” one person with knowledge of the matter said, declining to be named so they could speak freely. That post-money valuation means Moniepoint, founded in 2015, will become the continent’s eighth unicorn. It will join a small club that has MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela as members.
The funding round also included a secondary sale with a discounted valuation, which was ideal for many investors.
Moniepoint provides retail banking services and also caters to small and medium businesses. It is one of the market leaders in Nigeria’s agent banking space. In 2023, it was second on the Financial Times list of Africa’s fastest-growing companies.
While the FT list showed Moniepoint had annual revenues of $62.6 million in 2021, three people with knowledge of the matter claimed the company’s annualised revenue has grown to over $100 million.
While naira devaluation may have slowed growth in dollar terms, many investors consider Moniepoint a solid company with bright prospects. In 2023, it grew transaction value by over 205%, processing 5.2 billion transactions worth over $150 billion.
Moniepoint declined to comment on any part of this story.
